This episode shares an interview of Josiah Smelser on the Real FI podcast and shares his journey from a cubicle job to a $4 million real estate portfolio using the BRRRR strategy of buying distressed properties, renovating them, and converting them into long-term rentals. Josiah's business transitioned from a $4 million single-family home portfolio to six+ vacation rentals, yielding $600,000 annual cash flow, allowing Josiah to achieve financial independence. The switch was smooth, leading to increased cash flow, aided by 1031 exchanges. Advice is given to consider larger cabins for this niche, though opportunities may be scarce. Resources like books, podcasts, and networking are recommended for success in the short-term rental market. The importance of real estate appraisal as a growing field is also discussed.
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